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Fiscal Requirements for Price Stability When Households are not Ricardian
Are restrictions on fiscal policy necessary for monetary policy to deliver price stability? When households are Ricardian, the net present value of future fiscal surpluses needs to equate the real value of government debt under stable prices. We show that when households are not Ricardian, fiscal requirements still exist but take a fundamentally different form: a limit on the debt-to-GDP ratio. Beyond that limit, no interest rate hike however large can counterbalance the wealth effect of public debt on aggregate spending. To implement price stability when the debt-to-GDP requirement is satisfied, monetary policy must respond to the level of public debt and not just to the inflation it creates.
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